… Farris meets NUPRC CCE, confirms Erha contract extension to 2042
Oredola Adeola
ExxonMobil has announced plans to invest billions of dollars in Nigeria’s deepwater oil and gas sector, including extending the Production Sharing Contract for the Erha field to 2042 and developing the Bosi field, which could attract between $15 billion and $16 billion in fresh capital.
The company is also advancing the Owowo project, expected to secure between $7 billion and $8 billion in funding, with a Final Investment Decision likely as early as next year.
Mr. Hunter Farris, Senior Vice President, Deepwater, ExxonMobil Upstream Company, disclosed this during a visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) headquarters in Abuja for a project briefing, as part of activities marking 20 years of the Erha deepwater project.
Farris further stated that ExxonMobil was encouraged by Nigeria’s improved investment climate, prompting the company to “renew our vows to Nigeria,” adding that the Production Sharing Contract for Erha had been extended to 2042 alongside ongoing efforts to restore the Erha FPSO to optimal performance.
He further disclosed that, beyond Erha, the company is preparing for new investments in the Usan field through additional drilling, while advancing the Owowo deepwater project—estimated at about one billion barrels and valued at $7 billion to $8 billion—with a potential FID as early as next year, as well as the Bosi field, which could attract between $15 billion and $16 billion in fresh capital if developed with new FPSO infrastructure and pipelines.
Mrs. Oritsemeyiwa Eyesan, Commission Chief Executive, NUPRC, in her remark expressed excitement over the company’s fresh commitment to Nigeria.
“To hear that FIDs are likely next year is very exciting and rest assured we are willing to support you,” Eyesan stated.
She said the Commission will continue to encourage and safeguard petroleum investments especially those that are in the interest of the Nigerian people.
